IMFA's profit for the second quarter of FY27 increased by 50.62% due to increased production volumes
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IMFA's profit for the second quarter of FY27 increased by 50.62% due to increased production volumes

Indian Metals and Ferro Alloys Ltd (IMFA), the country's largest producer of valuable ferrochrome, reported a 50.62% rise in net profit in Q2FY27. Profit reached INR 148.77 crore, compared to INR 98.77 crore in the same period last fiscal year.

The company's revenue increased by 34.72%, amounting to INR 968.17 crore compared to INR 718.65 crore. The EBITDA margin grew to INR 235.04 crore in the quarter ending September 30, up from INR 138.34 crore the previous year.

The main driver for the growth in revenue and profitability was the increase in production and sales volumes following capacity expansion. This is supported by the company's integrated business model, which includes its own chrome raw material mining, ferrochrome production, and power generation.

The results of the Bhubaneswar-based company for the first half of FY27 also showed significant growth. Revenue increased by 41.79%, reaching INR 1,928.62 crore compared to INR 1,360.19 crore for the six months of FY26. Meanwhile, EBITDA almost doubled, rising by 95.72% to INR 516.31 crore from INR 263.81 crore, and profit after tax grew by 78.86% to INR 340.26 crore from INR 190.25 crore.

Exports as a Key Business Factor

Exports continued to play an important role in IMFA's operations. Export revenue in Q2FY27 stood at INR 817.54 crore, higher than the INR 603.96 crore recorded in the quarter a year earlier. Export sales accounted for approximately 84% of the company's quarterly revenue. For the first half of FY27, exports grew to INR 1,611.15 crore from INR 1,160.22 crore in the corresponding period last year.

Expansion of Production Capacity in Kalinganagar

The expansion of production capacity in Kalinganagar, Odisha, is expected to provide an additional boost to the company's business development. IMFA's greenfield project, KNR-1, was officially inaugurated by Chief Minister Mohan Charan Majhi on October 14. The first melting furnace has started operating, work on the second furnace has begun, and hot metal pouring is expected to commence soon.

After the launch of the new facility, IMFA's total installed capacity for ferrochrome production will increase to 534,000 tonnes annually. This will strengthen the company's position as India's largest ferrochrome producer and place it among leading global manufacturers.

The company reported that ferrochrome production in Q2FY27 increased to 86,652 tonnes from 65,671 tonnes in Q2FY26, representing a growth of nearly 32%. Sales volumes rose to 81,998 tonnes from 69,765 tonnes, an increase of about 17.5%. For the first half of FY27, production amounted to 167,342 tonnes compared to 131,600 tonnes the previous year, and sales increased to 161,265 tonnes from 136,345 tonnes.

The company also continues to strengthen its raw material supply capabilities through its own mining operations. Chrome ore mining in Q2FY27 was 144,697 tonnes compared to 169,615 tonnes in the corresponding quarter last year. However, for the first half, the figure significantly increased to 417,253 tonnes compared to 273,395 tonnes in the first half of FY26.

Power generation in the September quarter was 301 million units compared to 309 million units in Q2FY26. For the first half of FY27, generation reached 589 million units, showing almost no change compared to 588 million units in the same period last year. The company is also diversifying its energy portfolio by transitioning to hybrid renewable energy sources.

As part of further efforts to ensure raw material security and diversify its product portfolio, IMFA's board of directors approved capital expenditure of INR 375 crore. These funds are earmarked for increasing chrome raw material mining capacity and developing low-carbon ferrochrome production. The proposed investments will support the company's expanded smelting operations by ensuring access to its own chrome raw materials and creating opportunities for low-carbon ferrochrome production.

Subrakant Panda, Managing Director of IMFA, stated that the company maintains a focus on its fully integrated business model, which remains resilient and competitive across various market cycles. He noted that the substantial expansion of smelting capacity following the commissioning of the Kalinganagar project will meet growing demand.

Panda expressed confidence in the prospects for ferrochrome prices, believing that prices will remain supported due to pricing pressure exerted on non-integrated producers. He added that 'along with capacity expansion and the transition to hybrid renewable energy, the production of niche grades and the proposed diversification into low-carbon ferrochrome will broaden the product range and increase margins.'

Established in 1961, IMFA operates production complexes in Terebali, Choudwar, and Kalinganagar, supported by its own chrome raw material mines in Sukinda and Mahagiri. Its captive power portfolio includes 200 MW of coal capacity and 4.55 MW of solar energy. In addition to its core ferrochrome business, IMFA is also diversifying through the construction of a 120 kiloliter per day grain-based ethanol plant in Terebali, Odisha.

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SBI's net profit grew by 14.3% to 23,038 crore rupees in the second quarter amid reserve reduction

The State Bank of India (SBI), the country's largest lender, reported a 14.3% year-on-year increase in its net profit for the reporting period. For the second quarter of the 2026-27 fiscal year (Q2FY27), net profit reached 23,038 crore rupees, compared to 20,160 crore rupees in the same quarter last year.

This rise in net profit is attributed to a steady increase in Net Interest Income (NII), which grew by 14.7% year-on-year, as well as a reduction in provisioning and unforeseen expenses during the quarter. The decrease in loss coverage provisions supported the financial result despite a sharp drop in other income.

Financial Indicators

Net Interest Income increased to 49,143 crore rupees in Q2FY27, up from 42,847 crore rupees the previous year. Furthermore, quarterly NII grew by 4.6% compared to 46,992 crore rupees in the first quarter of the 2027 fiscal year.

However, other income decreased by 23.8% year-on-year, amounting to 11,777 crore rupees against 15,463 crore rupees the previous year. Compared to the previous quarter, other income fell by 26%, down from 15,923 crore rupees.

Provisioning and unforeseen expenses decreased by 21.9% year-on-year, reaching 4,217 crore rupees compared to 5,400 crore rupees the previous year. Quarterly, these expenses dropped by 16.4% relative to 5,047 crore rupees.

Asset Quality

Regarding asset quality, the bank's Gross Non-Performing Assets (GNPA) ratio improved to 1.39% as of September 30, 2026, which is lower than the 1.73% recorded the previous year and 1.47% in the preceding quarter. The Net NPA ratio also improved to 0.36% compared to 0.42% in September 2025 and 0.38% in June 2026.

In absolute terms, total non-performing assets amounted to 72,529 crore rupees, which is 4.9% less year-on-year and 2.3% sequentially. Net non-performing assets reached 18,546 crore rupees, slightly higher than 18,460 crore rupees the previous year, and higher than 19,158 crore rupees in the preceding quarter.

The bank's provisioning coverage ratio stood at 74.43% as of September 30. SBI's total loan book grew by 18.2% year-on-year to 51.54 trillion rupees as of September 30, 2026, compared to 43.62 trillion rupees the previous year. Deposits increased by 12.3% to 62.78 trillion rupees from 55.92 trillion rupees.

The bank's return on assets was 1.19%, slightly higher than 1.17% the previous year and 1.11% in the preceding quarter.

Brigade Group's profit rose by 29% in the second quarter to 219 crore rupees, while revenue decreased by 12.6%
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Brigade Group's profit rose by 29% in the second quarter to 219 crore rupees, while revenue decreased by 12.6%

Brigade Enterprises Ltd, based in Bangalore, reported a rise in net profit of 28.8% to 219 crore rupees in the second quarter of fiscal year 27 (Q2FY27) compared to the same period last year. This growth is attributed to stable demand that aligns with the launch of new projects.

However, the company's revenue, which focuses on South India, declined by 12.6% year-on-year (Y-o-Y), reaching 1,250 crore rupees compared to 1,430 crore rupees in the corresponding quarter of the previous year. This was reported in the stock exchange filing published on Thursday with results for the September quarter.

Earnings Before Interest, Taxes, Depreciation, and Amortization (Ebitda) increased by 27.5% in Q2FY27, reaching 478 crore rupees, compared to 375 crore rupees in the corresponding quarter of the previous fiscal year.

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Pavitra Shankar, Managing Director of Brigade Enterprises Ltd, noted that residential segments continue to drive growth, supported by sustained demand and a strong project portfolio. She emphasized that customers are increasingly prioritizing quality, location, larger homes, and improved amenities, and the company continues to observe steady demand in both mid-range and premium segments. Furthermore, the festive season boosted customer engagement in the residential and retail businesses.

The group stated that project launch rates are gaining momentum, with property sales for the quarter reaching 1,827 crore rupees across a volume of 1.3 million square feet (msf). Shankar added that the company is prepared to sustain this momentum and ensure stable long-term growth. Brigade Enterprises shares fell by 1.39% and closed at 531 rupees on the BSE on Thursday.

During the quarter, the company launched projects totaling 2.4 msf with a Gross Development Value (GDV) of approximately 3,000 crore rupees. Brigade's portfolio generated revenue of 760 crore rupees, with an Ebitda of 175 crore rupees, which is 59% higher than in Q2FY26, at a margin of 23%.

Revenue from the rental business amounted to 329 crore rupees, with an Ebitda of 242 crore rupees, which is 9% higher than in Q2FY26, with a margin of 74%. As of September 2026, occupancy reached 90%. In the hospitality segment, which includes hotels the company builds for brand management, revenue in Q2FY27 was 161 crore rupees, and Ebitda was 59 crore rupees, which is 41% higher than in Q2FY26, with a margin of 37%.

IOB's profit grew by 56% to 1963 crore rupees in the second quarter due to improved asset quality
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IOB's profit grew by 56% to 1963 crore rupees in the second quarter due to improved asset quality

Indian Overseas Bank (IOB), based in Chennai, reported a 56% increase in net profit during the second quarter of the fiscal year 27, reaching 1963 crore rupees. This growth compared to 1259 crore rupees in the quarter from July to September of fiscal year 26, and is attributed to increased interest income and improved asset quality.

The bank's total income for the reporting period increased by 13%, amounting to 10,428 crore rupees. IOB's interest income in Q2 FY27 rose by 17% to 9,201 crore rupees, compared to 7,851 crore rupees in the same period last year.

Ajay Kumar Srivastava, Managing Director and CEO of IOB, noted that net interest income grew by 26% during the quarter. He also highlighted the good asset quality and low write-off levels in the system.

Net Interest Income (NII) for the quarter increased by 26.4% to 3,867 crore rupees, compared to 3,059.3 crore rupees a year earlier. Srivastava added that write-offs remained under control at 240 crore rupees, and the provisioning ratio was only 0.07%, which is one of the lowest in the banking system, and the bank consistently maintains this figure.

The Non-Performing Asset (NPA) ratio decreased by 64 basis points (bps) year-on-year (Y-o-Y) to 1.19%, while the Net NPA ratio fell by 12 bps year-on-year to 0.16%. Credit costs also decreased by 1 bp year-on-year to 0.17%. During the quarter, 647 crore rupees were recovered against NPAs, which is 2.95 times higher than quarterly write-offs. The Capital to Risk-Weighted Assets Ratio (CRAR) increased by 66 bps year-on-year to 18.60%. Return on Assets (RoA) improved to 1.53% from 1.20% last year, which is 33 bps higher. Return on Equity (RoE) grew to 24.58% from 19.95% last year, an increase of 463 bps.

The bank's total deposits increased by 20.16% to 4.07 trillion rupees from 3.39 trillion rupees. Current Account Savings Account (CASA) deposits also grew by 20.73% year-on-year to 1.65 trillion rupees, and the internal CASA ratio improved by 13 bps year-on-year to 41.14%. The volume of loans disbursed in Q2 FY27 reached 3.45 trillion rupees, showing a growth of 24.35% compared to 2.77 trillion rupees last year.

Srivastava stated that, according to preliminary estimates, IOB will require additional provisioning of about 2,600–2,800 crore rupees under Expected Credit Losses (ECL). He clarified that the bank has already created ECL provisions of about 2,700 crore rupees, meaning that 100% of the required amount is already secured in the balance sheet as projected ECL reserves.

Furthermore, he mentioned the successful performance of the gold loan portfolio and the development of several programs to meet the needs of various segments of society with competitive interest rates. Srivastava added that the jewelry loan portfolio is very sound, with outstanding loans amounting to nearly 1.36 trillion rupees, and shows no signs of stress. The bank maintains a Loan-to-Value (LTV) ratio of about 60–62%, which adequately accounts for price fluctuations.

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